# Japan Business Systems, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2024/10/01－2025/09/30) (S100XB8X)
> Page: https://vizora.meequs.com/en/company/japan-business-systems
> Retrieved: 2026-09-30T18:32:25.311Z

## Company

Japan Business Systems, founded in 1990, is a company in Cloud & Data Centers listed on TSE Prime. It has 2,839 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Business Systems, Inc. |
| Ticker | 5036 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5036.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門二丁目6番1号虎ノ門ヒルズステーションタワー |
| Representative (per filing) | 代表取締役社長 牧田 幸弘 |
| Founded | Oct 1990 |
| Share capital | ¥539M |
| Employees (consolidated) | 2,839 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | September |
| Website | www.jbs.co.jp (https://www.jbs.co.jp/) |
| Corporate number | 4010401041588 |
| EDINET | E37833 |
| Industries (Vizora) | Cloud & Data Centers, IT Services & System Integration |

> Profile source: annual securities report (S100XB8X, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 18.6 | 196 |
| Cash conversion | 7.8 | 185 |
| Efficiency | 98.7 | 196 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 71% of Japan Business Systems's sales come from Licence and Products, with Cloud Integration and Cloud Service making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +22.5% from the prior year, operating profit +65.3%.

## Company structure

- Segment revenue mix: Licence and Products 71.2%、Cloud Integration 16.1%、Cloud Service 12.7%、Other 0.0%
- Revenue → net income: ¥172580000000 → ¥5629000000
- Net income → operating cash flow: ¥5629000000 → ¥1135000000（difference ¥-4494000000）
- Main uses of operating cash flow: CapEx ¥4455000000 / dividends ¥1367000000 / buybacks —
- Change in cash: ¥-427000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥172.6B |  |
| Operating income | ¥7.59B | Margin 4.4% |
| Net income | ¥5.63B | Margin 3.3% |
| Free cash flow | -¥3.32B |  |
| Largest business | Licence and Products | of segment revenue 71.2% |
| Employees (consolidated) | 2,839 |  |
| EPS | ¥119.22 |  |
| Diluted EPS | ¥113.96 |  |
| Book value per share | ¥589.36 |  |
| Equity ratio | 36.4% |  |
| Shares outstanding | 48,366,400 |  |
| Treasury shares | 570,500 |  |
| Shareholders | 4,898 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 3.9% | Cash ÷ revenue 1.7% |
| Vs. industry median margin | -4.5 pp | IT Services & System Integration |
| ROE | 22.8% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -46 points
- FY2025, cash is 4% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74954000000 | ¥172580000000 | — |
| Operating income | ¥2273000000 | ¥7594000000 | — |
| Operating margin | 3.0% | 4.4% | +1.4 pp |
| Employees | 2,228 people | 2,839 people | — |
| Cash and equivalents | ¥4015000000 | ¥2939000000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| クラウドインテグレーション → クラウドインテグレーション | 16.1% |
| クラウドインテグレーション → 事業再編・廃止 | 6.6% |
| クラウドサービス → クラウドサービス | 12.7% |
| クラウドサービス → 事業再編・廃止 | 1.7% |
| ライセンス＆プロダクツ → ライセンス＆プロダクツ | 63.0% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ライセンス＆プロダクツ | 8.2% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Licence and Products | — | — | ¥122941000000 | 2.3% | 2 |
| Cloud Integration | — | — | ¥27736000000 | 18.2% | 2 |
| Cloud Service | — | — | ¥21890000000 | 15.0% | 2 |
| Other | — | — | ¥11000000 | 45.5% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 172,580 | 100.0% | S100XB8X |
| Cost of revenue | 154,716 | 89.6% | S100XB8X |
| Gross profit | 17,863 | 10.4% | S100XB8X |
| SG&A | 10,268 | 5.9% | S100XB8X |
| Operating income | 7,594 | 4.4% | S100XB8X |
| Ordinary income | 7,372 | 4.3% | S100XB8X |
| Pretax income | 7,358 | 4.3% | S100XB8X |
| Income tax | 1,729 | 1.0% | S100XB8X |
| Net income | 5,629 | 3.3% | S100XB8X |
| Net income attributable to owners | 5,629 | 3.3% | S100XB8X |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 6 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.4% → Operating margin 4.4% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.5%; Core profit growth: +65.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.90×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 140,858 | 172,580 | 31,722 | +22.5% |
| Gross profit | 14,567 | 17,863 | 3,296 | +22.6% |
| Operating income | 4,593 | 7,594 | 3,001 | +65.3% |
| Net income attributable to owners | 1,514 | 5,629 | 4,115 | +271.8% |
| Operating cash flow | -320 | 1,135 | 1,455 | — |
| Free cash flow | -7,854 | -3,320 | 4,534 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 74,954 | 2,273 | 3.0% | 1,560 | 1,962 | 945 | S100PUVG |
| FY ending Sep 2022 | 86,325 | 4,052 | 4.7% | 2,647 | 3,472 | 711 | S100PUVG |
| FY ending Sep 2023 | 112,800 | 4,192 | 3.7% | 3,350 | -206 | -4,734 | S100UZCS |
| FY ending Sep 2024 | 140,858 | 4,593 | 3.3% | 1,514 | -320 | -7,854 | S100XB8X |
| FY ending Sep 2025 | 172,580 | 7,594 | 4.4% | 5,629 | 1,135 | -3,320 | S100XB8X |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,228 | 2,296 | 2,547 | 2,700 | 2,839 |
| Average salary (parent company) | — | ¥6.1M | ¥6.2M | ¥6.2M | ¥6.4M |
| Average age (parent company) | — | 34.8 years | 34.8 years | 34.8 years | 35.4 years |
| Average tenure (parent company) | — | 7.3 years | 7.4 years | 7.5 years | 7.7 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +22.5%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud Integration | 27,736 | 16.1% | 5,036 | 18.2% |
| Cloud Service | 21,890 | 12.7% | 3,290 | 15.0% |
| Licence and Products | 122,941 | 71.2% | 2,841 | 2.3% |
| Other | 11 | 0.0% | 5 | 45.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud Integration | 16.1% | 45.1% | 29.0 | 18.2% |
| Cloud Service | 12.7% | 29.4% | 16.8 | 15.0% |
| Licence and Products | 71.2% | 25.4% | -45.8 | 2.3% |
| Other | 0.0% | 0.0% | 0.0 | 45.5% |

Segment → industry: Cloud Service → Cloud & Data Centers / Licence and Products → IT Services & System Integration / Cloud Service → IT Services & System Integration / Cloud Integration → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,135 | 0.7% | S100XB8X |
| Capital expenditure | 4,455 | 2.6% | S100XB8X |
| Free cash flow | -3,320 | -1.9% | 算出 |
| Investing cash flow | -4,743 | -2.7% | S100XB8X |
| Financing cash flow | 3,134 | 1.8% | S100XB8X |
| Dividends paid | 1,367 | 0.8% | S100XB8X |
| Change in cash | -427 | -0.2% | S100XB8X |
| Cash and equivalents | 2,939 | 1.7% | S100XB8X |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,015 | 7,569 | 5,345 | 3,366 | 2,939 | S100PUVG, S100XB8X |
| Total assets | 29,489 | 38,788 | 49,608 | 60,949 | 74,467 | S100PUVG, S100UZCS, S100XB8X |
| Net assets | 13,338 | 19,713 | 22,221 | 22,735 | 27,244 | S100PUVG, S100XB8X |
| Share capital | 539 | 539 | 539 | 539 | 539 | S100PUVG, S100UZCS, S100XB8X |
| Inventories | 853 | 723 | 1,044 | 1,809 | 609 | S100PUVG, S100UZCS, S100XB8X |
| Property, plant and equipment | 9,483 | 11,775 | 16,177 | 24,240 | 28,088 | S100PUVG, S100UZCS, S100XB8X |
| Intangible assets excluding goodwill | 510 | 490 | 2,278 | 304 | 260 | S100PUVG, S100UZCS, S100XB8X |
| Goodwill | 19 | 3 | 1,835 | — | — | S100PUVG, S100UZCS |
| Investment securities | 863 | 927 | 1,407 | 1,405 | 1,770 | S100PUVG, S100UZCS, S100XB8X |
| Current assets | 16,351 | 21,804 | 25,834 | 30,439 | 39,316 | S100PUVG, S100UZCS, S100XB8X |
| Current liabilities | 10,918 | 13,400 | 17,185 | 22,486 | 32,056 | S100PUVG, S100UZCS, S100XB8X |
| Short-term borrowings | 134 | — | 1,500 | 3,800 | 8,800 | S100PUVG, S100UZCS, S100XB8X |
| Long-term borrowings | 4,771 | 5,213 | 9,285 | 13,388 | 12,553 | S100PUVG, S100UZCS, S100XB8X |
| Total liabilities | 16,150 | 19,074 | 27,387 | 38,213 | 47,222 | S100PUVG, S100UZCS, S100XB8X |
| Non-controlling interests | — | — | — | — | 107 | S100XB8X |
| Equity attributable to owners of parent | 13,258 | 19,642 | 21,979 | 22,496 | 26,818 | S100PUVG, S100UZCS, S100XB8X |
| Retained earnings | 8,500 | 10,942 | 13,089 | 13,601 | 17,863 | S100PUVG, S100UZCS, S100XB8X |
| Treasury stock | -1,479 | -373 | -298 | -296 | -3,464 | S100PUVG, S100UZCS, S100XB8X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XB8X |
| Inventories | 1% | S100XB8X |
| Property, plant and equipment | 38% | S100XB8X |
| Intangibles and goodwill | 0% | S100XB8X |
| Investment securities | 2% | S100XB8X |
| Other assets | 55% | S100XB8X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100XB8X |
| Equity | 37% | S100XB8X |
| Other liabilities | 0% | S100XB8X |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,489 | 38,788 | 49,608 | 60,949 | 74,467 |
| Equity | 13,338 | 19,713 | 22,221 | 22,735 | 27,244 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,015 | 7,569 | 5,345 | 3,366 | 2,939 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 16.3% | S100XB8X |
| Fixed assets ÷ total assets | 37.7% | S100XB8X |
| Goodwill ÷ parent equity | — | —, S100XB8X |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.9% |
| Cash ÷ revenue | 1.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 14.9% |
| Cash vs. profit gap | -4,494 JPY mn (of net income -79.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 417.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.1% | 2.54× | 5.3% | 2.22× | 11.8% | S100PUVG |
| 2022 | 3.1% | 2.53× | 7.8% | 2.08× | 16.1% | S100PUVG |
| 2023 | 3.0% | 2.27× | 6.8% | 2.26× | 15.2% | S100UZCS |
| 2024 | 1.1% | 2.55× | 2.7% | 2.49× | 6.8% | S100XB8X |
| 2025 | 3.3% | 2.55× | 8.3% | 2.75× | 22.8% | S100XB8X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ロマネ | Major shareholder | 40.7% | 2025-09-30 |
| 株式会社三菱総合研究所 | Major shareholder | 14.7% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（株式付与ＥＳＯＰ信託口） | Major shareholder | 4.6% | 2025-09-30 |
| 日本ビジネスシステムズ社員持株会 | Major shareholder | 4.4% | 2025-09-30 |
| 牧田 幸弘 | Major shareholder | 2.1% | 2025-09-30 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2025-09-30 |
| 有限会社セブンレイヤーズ | Major shareholder | 1.4% | 2025-09-30 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹＭ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＴＳ Ｍ ＩＬＭ ＦＥ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.7% | 2025-09-30 |
| 森屋 正樹 | Major shareholder | 0.6% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2024/10/01－2025/09/30) | S100XB8X | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB8X,, |
| 有価証券報告書－第34期(2023/10/01－2024/09/30) | S100UZCS | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZCS,, |
| 訂正有価証券報告書－第33期(2022/10/01－2023/09/30) | S100SP53 | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP53,, |
| 有価証券報告書－第32期(令和3年10月1日－令和4年9月30日) | S100PUVG | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUVG,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).